Jerome Powell Disputes Trump's Claim Before Donald Pulls Out the Receipts [WATCH]

President Donald Trump said Thursday there was “no tension” between him and Federal Reserve Chairman Jerome Powell following a visit to the Federal Reserve’s headquarters in Washington, D.C., despite an on-camera exchange over a multibillion-dollar renovation project and renewed questions about Powell’s leadership.

The meeting took place as Trump toured the Federal Reserve building alongside Senator Tim Scott of South Carolina.

🚨 JUST IN: Senator Mike Lee says Jerome Powell showing “contempt” for President Trump today during the Fed tour is another reason the Federal Reserve must be abolished.

“No executive branch officer should even harbor – much less display – severe contempt for any POTUS. And yet… pic.twitter.com/w6SB1wtp5b

— Eric Daugherty (@EricLDaugh) July 24, 2025

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The visit came amid Trump’s ongoing criticism of Powell for not cutting interest rates, as well as his public remarks concerning the escalating costs of the central bank’s building renovations.

“I thought we had a good meeting. I really, no, there was no tension. It was no tension,” Trump told reporters following the meeting.

“I think he had more tension with my great senator to the right.”

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Senator Scott added, “We had an honest, candid conversation about some of the overruns at this building. We had it in my banking committee, and [Powell] said we were wrong. And it turns out we were right. Thank God President Trump and his team took enough time to dig into some of the details.”

During the tour, Trump repeated concerns about the cost of the renovations at the Fed headquarters.

Earlier estimates had placed the total around $2.7 billion. However, Trump said Thursday the figure had grown to approximately $3.1 billion.

“We’re taking a look, and it looks like it’s about $3.1 billion – went up a little bit, or a lot,” Trump said during a press gaggle with Powell and Scott.

“So, the $2.7 [billion] is now $3.1 [billion].”

As Trump spoke, Powell shook his head and eventually interjected.

“I’m not aware of that, Mr. President,” Powell said.

“I haven’t heard that from anybody at the Fed.”

Trump then pulled a piece of paper from his sport coat and handed it to Powell, saying the new total “just came out.”

Scott confirmed he had also heard the $3.1 billion figure.

Powell reviewed the document and responded, “This came from [the Federal Reserve]?” Trump confirmed it did.

Powell then stated the figure likely included previously completed work.

“Are you including the Martin renovation?” Powell asked.

“You just added in a third building is what that is. That’s a third building. … It’s not new.”

Trump replied, “It’s part of the overall work,” before the conversation shifted.

The exchange occurred amid Trump’s broader criticism of Powell, particularly regarding monetary policy.

Trump has faulted Powell for not lowering interest rates, in contrast to actions taken earlier under Joe Biden.

Trump has accused Powell of acting too quickly to raise rates under the prior administration but not taking sufficient action to reduce them now.

Trump also criticized the scale and presentation of the Federal Reserve’s ongoing renovations, referring to them as “luxurious.”

When asked by reporters whether he would fire a project manager who allowed such an overrun, Trump responded, “I’d fire him.”

However, when asked directly if he intended to remove Powell, Trump did not answer affirmatively.

“I’m here just really with the chairman. He’s showing us around, showing us the work. And, so, I don’t want to get that,” Trump said.

“I don’t want to be personal. I just would like to see it get finished.”

🚨 BREAKING: President Trump is OPENLY GRILLING Jerome Powell to his face at the Federal Reserve Building in DC

This comes after Trump found out the total for the renovations are actually $3.1 BILLION

“What are all these overruns about?!”

Holy CRAP this is an amazing watch 🤣 pic.twitter.com/Dh4ltIXF6p

— Nick Sortor (@nicksortor) July 24, 2025